College Financing Strategies

College costs are one of the greatest stumbling blocks to gaining that all-important college education and the opportunities it brings. There are ways of reducing your outgoings and increasing your income while studying, which can make all the difference financially. In fact, college financing strategies might be the difference between completing your studies or not.
  1. Choose the Right College

    • Consider your choice of college carefully. Fees vary massively, so decide how much you can afford compared to how much you want to go to a particular college. Be realistic in your evaluation, but also take into account the future benefits of your college education and the effect its quality will have on these benefits. Consider the cost of living at your chosen college -- for example, you may spend more money at a college based in an expensive city.

    Cut Your Living Costs

    • Consider living at home. You can greatly reduce your living costs this way. Housing forms a huge part of your budget, so carefully consider this option. If your college and home are both in the same city, you may not feel that you are missing much of the action. Consider how important socializing in a college environment is to you, compared to how much money you will save.

    Find Funding

    • Apply for all possible bursaries and scholarships. Typically, these will be hard to obtain, with a long application process. Talk to a college representative in the appropriate department to help you find the right scholarships and bursaries. Your chosen college website should also have links to scholarship opportunities.

      Consider whether you are eligible for any charitable assistance. For example, if you come from a deprived area, a difficult family background or are a minority in the field you wish to study, you may find there is assistance available for you. Charitable assistance can be very hard to find, with obscure qualifying screens, but persevere, as the effort will be worth it should you be successful. Assistance can come in the form of need-based loans or donations.

    Get a Job

    • Find a suitable part-time job. Ideally, you should be able to work around your studies, and your studies should not suffer as a consequence. Traditional part-time student jobs have been bar work or other jobs that have flexible hours. If your expertise is in demand, you could also do personal tutoring; for example, if you are majoring in mathematics, you could tutor mathematics at a lower level.

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